All Bookkeeping Services Covered Around Walsall
Our bookkeeping service covers all Walsall and the West Midlands, at whatever stage your books and accounts are at. You may already have draft income and expenditure information that you need us to check and certify, or you may require our help right from the outset. Whether it’s already prepared, or simply a pile of invoices and receipts, we can help progress things to provide satisfactory book keeping records.
Practically, we can work around whatever location is best for you, whether that’s meeting and going through at our offices, or at your own office and home. An initial meeting is productive to collect and go through the basic details, but various forms of communication can be adopted both before and afterwards.
We can even look at remote working and use of software and virtual systems in order to streamline the whole process. In actual fact, even if you are using a separate bookkeeper company or individual we can help assist them or even recruit and train new help.
What Bookkeeping Involves
In short, it boils down to systematically recording financial transactions, in particular income and expenditure for whatever business, interest, individual, or non-profit organisation. Once correctly established, this can then shape any accounting purpose, whether that’s a formal set of statutory accounts or a bespoke management report for your own purpose.
A basic understanding of accounting and principles like debits and credits, and balance sheets and profit and loss accounts, is always helpful - however not essential as we can easily explain and focus on the main issue of correct record-checking at this bookkeeping stage of things. We can soon arrange for a certified bookkeeper to come and check over things.
Here are the kinds of issues that effect bookkeeping:
· Noting all receipts from clients, customers, and any form of income. When they don’t match, these needs to be resolved, whether a correct receipt or an actual payment transaction
· Logging all invoices from suppliers and expenditure costs, which like income means ensuring the actual transactions match the paperwork
· Checking arrears, and what customers or suppliers either owe yourself or you owe them monies, and that these are all correct
· Ensuring all the correct items are included, for example employees pay and any tax liabilities
· Noting any accounting issues such as depreciation and adjustment entries
· Issuing final slick reports, for whatever purpose, including from specific virtual and software systems used for bookkeeping information.
· Accuracy is the name of the game, so ensuring that every transaction to the penny matches everything, whether that’s the paperwork or the actual bank payment
· Confirming and working within Quality Controls to ensure that every transaction is noted correctly, timely, and within the given procedure
· Making sure transactions are noted going forward correctly, whether in the books manually or computer and cloud systems, ideally on a daily basis
· The popular Double Entry book keeping used and explained as opposed to the Single Entry, basically meaning that every transaction has two parts which affect two ledger accounts ie debit entry in one, and credit in another, and helpful to detect an obvious accounting errors
· Establishing and checking daybooks, supplier’s ledger, customer ledger, and general ledgers with appropriate log all the purchases, sales, receipts, and payments
· Correct log of all credit as well as cash transactions
· Completion at the end of a Trial Balance and Ledgers ready for accountants to take to the next stage of reporting and accounts
· Final review of any accounting reports like profit and loss and balance sheets for any errors and changes
· Report on any subsequent issues like VAT and tax
· A bank reconciliation to match bank receipts and payment transactions with the accounts, often easier nowadays with software linked to these
Selecting the Right Bookkeeper in Walsall
CONTACT US TODAY for immediate help and advice on what bookkeeping services in Walsall and beyond you require. We won’t only provide a detailed and understandable breakdown of how we can help, both one-off and ongoing services, but we will provide genuine feedback on how to get your bookkeeping procedures correctly running and checked.